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The many facets of crime . . .
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 Money Laundering Video Text


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Money laundering and international crime go hand in hand.  The art of turning dirty money into legitimate funds takes a lot more than a numbered Swiss bank account, so popular in movies of the past.  To stay in business, international con artists count on shortcomings in both international laws and law enforcement cooperation.  Money laundering takes three steps:  Placement -- get the dirty money into a financial institution; Integration -- commingle other money to confuse its origin; and Reintroduction -- get the funds back into the economy.

To further ensure his success, the con man and his associates will also establish an endless series of shell companies, financial institutions and documents to make tracing the original source that much more difficult.

In addition to money laundering, many other forms of white-collar crime have come to the global village.  Telemarketing schemes, insurance scams and electronic banking, check and computer frauds have all been found throughout Europe, the Caribbean, Canada and the Far East.  To confront these crimes, the U.S. and the United Kingdom have formed the White-Collar Crime Investigative Team or WCCIT.  Comprised of FBI agents and British police officers, the WCCIT team is based in the FBI's Miami office and deals with Caribbean fraud and money laundering activities.  This international task force is seen as the start of a new era of cooperation among world nations in the fight against fraud and money laundering.

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